Reinsurance News
Evergreen Pacific first reinsurer to cover medical cannabis costs
19th September 2018
Evergreen Pacific Reinsurance Company is to provide coverage for health insurers prescribing cannabinoid therapeutic treatments. Evergreen Pacific says it is welcoming insurance company enquiries regarding its new turnkey health insurance rider to cover medical cannabis costs, to be deployed inside health insurance plans. "Evergreen Pacific's fully integrated solution combines multi-disciplinary medical services, ... Read the full article
Typhoon Mangkhut insured losses may reach $1bn, say analysts
18th September 2018
Typhoon Mangkhut, which hit Hong Kong yesterday with hurricane-force winds and a storm surge as high as 3 meters in some areas, could inflict as much as $1 billion in re/insurance market losses, according to an analyst featured in a report by the South China Morning Post. The typhoon is already ... Read the full article
Hurricane Florence insured losses between $1.7bn & $4.6bn: AIR
18th September 2018
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, estimates that insured losses inflicted by Hurricane Florence’s winds and storm surge will range from $1.7 billion and $4.6 billion; though these figures do not include a range of factors including the ongoing flooding that is expected. “Hurricane Florence, once a ... Read the full article
AXIS appoints Helen O’Sullivan to lead Ireland subsidiaries
18th September 2018
Bermudian re/insurance group AXIS Capital Holdings has announced the appointment of Helen O’Sullivan as Chief Executive Officer of AXIS Specialty Europe SE and AXIS Re SE. O’Sullivan, who steps into the role having most recently served as Deputy Global Tax Director at AXIS, will oversee the company’s subsidiaries and its branches ... Read the full article
Warranty and indemnity claims now a constant feature of M&A: AIG
18th September 2018
Warranty and indemnity (W&I) insurance claims are likely to be a constant feature in mergers and acquisitions (M&A) deals going forward, with almost one in five policies receiving a claim notification this year, according to analysis by AIG. The company’s third annual W&I report looks at claims arising from AIG policies ... Read the full article
Tokio Marine Kiln hires former Novae CFO Reeken Patel
18th September 2018
Tokio Marine Kiln (TMK) has appointed Reeken Patel, formerly of AXIS Capital Holdings and Novae Group plc, as its new Chief Financial Officer (CFO), effective 1 October. Patel was group CFO at Novae from 2016, where he was responsible for overseeing the finance, risk, actuarial and investment teams, and played a ... Read the full article
American Financial open to offers for Neon
18th September 2018
American Financial Group (AFG) executives are said to be open to offers for the insurance and reinsurance business of Neon, if the price is right. Senior executives including AFG co-CEO Carl H. Lindner III, CFO Jeff Consolino, and AVP Investor Relations Diane Weidner participated in analyst Buckingham Research's second annual Boston ... Read the full article
Re/insurers overestimate the value of AI, says Swiss Re CEO Mumenthaler
18th September 2018
Reinsurers have overestimated the value of artificial intelligence (AI), which has shown very limited successes in the vast majority of the value chain and which will not be applicable in the foreseeable future, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. Speaking in a German language interview with ... Read the full article
FedNat estimates $4m Hurricane Florence exposure
18th September 2018
Florida-based FedNat Holding Company has estimated its aggregate gross liabilities as a result of Hurricane Florence, which it says will be paid out in the coming months, will be $4 million. Based on preliminary post-landfall catastrophe model estimates, the company says the figure is well within its current non-Florida property catastrophe ... Read the full article
Chubb names Jeremiah Konz as Reinsurance Officer for overseas insurance
18th September 2018
Global property and casualty insurer Chubb has appointed Jeremiah Konz as Executive Vice President, Reinsurance Officer for Chubb Overseas General, the company’s international general insurance business in over 50 countries and territories. Konz currently serves as Senior Vice President, Ceded Reinsurance for Chubb’s North American operation, having joined Chubb in 2012, ... Read the full article
Engineering insurance rates continue downward trend: IMIA
18th September 2018
Engineering insurance rates are continuing their downward trend across all classes of business following the costliest hurricane season ever and a series of large construction claims, according to the International Association of Engineering Insurers’ (IMIA) Index 2018. The Index, which compares the movement of rates from a base point in 2010, ... Read the full article
Munich Re partnership lays down Hyperloop safety & certification guidelines
18th September 2018
German reinsurance giant Munich Re has partnered with certification and inspection company TÜV SÜD and Hyperloop Transportation Technologies on the first set of Hyperloop core safety requirements and certification guidelines as well as the first insurance framework for HyperloopTT worldwide systems. Hyerpool TT is an American research company aiming to develop ... Read the full article
Marsh & Mclennan acquires JLT for $5.6 billion
18th September 2018
Major mergers & acquisitions news breaking this morning, as it has been announced that broking and advisory giant Marsh & McLennan Companies, Inc. (MMC) is to acquire Jardine Lloyd Thompson Group plc for $5.6 billion. The acquisition sees another of the mid-sized global insurance and reinsurance brokers going to a new ... Read the full article
$15bn Florence losses could support P&C pricing, says Morgan Stanley
17th September 2018
Morgan Stanley has released an insured loss estimate of between $5 billion and $15 billion for damages relating to Hurricane Florence, which made landfall in North Carolina on Thursday night, and has suggested that losses could support property and casualty (P&C) re/insurance pricing. Florence was downgraded from a Category 4 to ... Read the full article
Ethos Specialty names Rory Cline as CEO
17th September 2018
Ethos Specialty Insurance Services, part of Ascot Group’s Managing General Underwriter platform, has appointed Rory Cline as its President and Chief Executive Officer. Cline has served as Chief Underwriting Officer since joining Ethos Specialty at its inception in 2017, before which he served as President of Ascot Specialty U.S, a position ... Read the full article
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